Prices of home electronics are not going to drop anytime soon.
Prices of consumer durables like AC, refrigerator, smart TV are likely to increase.
Intermittent rains in April and May have affected AC sales.
New Delhi. The recent drop in inflation has raised people’s hopes. But so far there is no hope of getting relief from inflation as the prices of white goods i.e. home electronic appliances have not come down but on the contrary the prices may go up. White goods manufacturing companies have been continuously increasing their prices for the past 2 years. He is likely to do the same this year.
It should be noted that prices of consumer durables ranging from ACs and refrigerators to smart TVs and washing machines are likely to increase. Further growth is expected in the second half of FY2024 as the chances of a normal monsoon are low.
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The price of the goods is reduced again
Kamal Nandi, Business Head and Executive Vice President, Godrej Appliances, says, since the inflationary cycle started in late 2020, prices of consumer durables like ACs have increased by more than 30 per cent. However, the price of electronic components is expected to peak in mid-2022. But since then we have seen some reduction in the prices of its spare parts. However, it is difficult to predict beyond the next three months as the situation is still uncertain.
TV prices will increase from next month.
“Another wave of price hikes is coming. In the last four months, the prices of LED panels have gone up,” says Oneet Singh Marwah, CEO of Super Plastronics, a company that manufactures and sells smart TVs under the Thomson and Kodak brands. There has been an increase of 30-35 percent. We are planning to increase TV prices by 7 to 10 percent from June,” he said.
AC sales down due to rain
Importantly, AC company Bluestar is currently in no mood to hike prices. Because home appliance firms, including AC manufacturers, have suffered huge losses in the last three summers due to Covid-19. AC sales to decline by 10-12% in 2021. Intermittent rains in April and May created a new challenge for the industry, which was already facing low demand. AC manufacturers are still suffering from low demand. Whirlpool’s net profit fell 25 percent year-on-year in the March quarter due to unseasonal rains.
Prices may increase during the festive season.
Blue Star MDB. “We are hopeful that things will gradually improve, so we are not raising prices for now,” says Thiagarajan. While companies like Havells, Samsung and LG are not ready to reveal their pricing plans for the next 6 months, sources say home appliance prices will rise by 6-12% before the festive season begins. will increase.
Tags: Business news, Business News in Hindi., Consumer and retail industry, Food and water prices., Goods and Services Tax, Marketing
First Publication: May 26, 2023, 22:13 IST